Emma Limiteds current and forecasted free cash flows to the firm (FCFF) over the forecast horizon and the terminal period are as follows ($ millions):

($ millions)	Current	Forecast Horizon				Terminal Period
	2020	2021	2022	2023	2024	2025
FCFF	1,697	1,799	1,907	2,021	2,051	2,082

Valuation assumptions and other information for Emma Limited are as follows:

Terminal growth rate	1.5%
Shares outstanding in millions	2,250
Net nonoperating obligations (NNO) ($ millions)	9,000
WACC	8.00%

REQUIRED:

Estimate Emma Limiteds equity value per share at the end of 2021 using the DCF model.